A new white paper explores the importance of aligning company culture with an evolving workforce, ensuring organizations are set up for success for years to come.

Velocity Advisory Group explored issues organizations currently face like shifting societal values, technological advancements and global events like the COVID-19 pandemic and offered recommendations for successfully integrating the workforce of tomorrow.

Employee expectations have evolved, with an emphasis on not only financial compensation but also holistic job satisfaction, personal growth and alignment with personal values.

The expectations, the paper’s authors said, have reshaped the dynamics between employers and employees, forcing organizations to rethink how they engage, motivate and retain their workforce.

“My generation, Gen X, grew up with Boomers who were push, push, push, and if you didn’t work tirelessly, you weren’t working hard enough … but today, younger generations are changing the definition of ‘work’ and what it means to ‘work hard,” said Brooke Page-Thompson, president of Velocity Advisory Group and co-author of the report.

The ability of a company’s culture to adapt determines its long-term success, the authors added.

Going to a workplace and spending eight hours a day, five days a week is a notion being challenged by younger workers.

“Now what we’re hearing from the younger generations is, ‘I don’t want to come into an office unless there’s a point to come into an office. I want more balance, I want flexibility in how I work, I want to get paid the same amount of money and maybe work fewer hours but still do quality work,'” added Page-Thompson.

“As a result, most organizations must redefine how they approach productivity and employee engagement, focusing on value, results, and flexibility rather than fixed schedules,” the authors wrote.

The current workplace may have as many as six generations working in it.

While diverse generations can challenge the status quo, generational differences can often lead to a disconnect in how work is perceived and approached, the authors said.

“Baby Boomers and Gen X traditionally value a strong work ethic, long hours and unwavering loyalty — all things that previously resulted in career stability.”

But younger generations, Millennials and Gen Z, are shifting away from this ideal. The pandemic and subsequent layoffs impacted their idea of what a career should be.

A work-life balance became the goal versus striving to climb the corporate ladder.

“This shift presents a challenge for organizations that have historically operated with more rigid structures and expectations,” the authors stated.

The pressure to work long hours to ensure success that defined earlier generations is no longer compelling for employees entering today’s workforce, who prioritize personal fulfillment and work that aligns with their values.

“This can result in a perception that Millennials and Gen Z aren’t interested in working as hard as their other colleagues,” the authors wrote.

“I think there’s a major disconnect because my generation and older — Gen X and the Boomers — still put a heavy emphasis on effort. There’s a lot of emphasis or bias towards people that appear to be giving a little bit more discretionary effort than people who are not,” said co-author Dave Fechtman, CEO of Velocity Advisory Group.

“I advise our clients that it goes both ways: the older generations need to become more open-minded about different ways to get to outcomes and results, and the younger generations need to not be dismissive of the wisdom and experience that their older colleagues have,” he added.

Reverse mentoring is one strategy that some organizations have put in place to help bridge the gap.

In this model, a junior or less- experienced employee mentors a more senior or experienced colleague, typically in areas where the junior person has expertise or a fresh perspective, flipping the traditional mentor-mentee relationship by allowing senior leaders to learn from more tech- savvy or culturally in tune workers.

The authors said the strategy fosters mutual connection, cross-generational understanding and helps senior leaders keep up with a rapidly changing workforce.

The junior employee benefits by getting unique insight into the experiences and knowledge the senior employee has to offer.

And, most importantly, the organization builds a more collaborative workplace for all employees.

There are four key components to a future ready culture, according to Page-Thompson and Fechtman. They are inclusivity, agility, continuous learning and innovation.

“Companies that embrace…or celebrate these components will outperform the companies that are more rigid or stoic. There is a constant state of change and fluidity now, and organizations that understand that will outperform those that don’t,” he said.

These key components can’t be addressed by just one department, but rather the entire organization “influencing everything from recruitment and onboarding to leadership practices and strategic decision-making.”

In order to create a future-ready workforce capable of navigating the complexities of the modern business environment, the four components must be imbedded throughout the organization, the authors emphasized.

Exploring the four in more detail, the paper outlines the value of a diverse workforce to foster different perspectives and experiences in order to drive creativity and problem-solving. This leads to better decision-making and innovation, the authors wrote.

With fast-paced technology changes, agility is crucial so that organizations can quickly adapt to shifts in the market, technology or consumer behavior.

Continuous learning ensures that employees stay relevant in their roles, building new skills and competencies through upskilling, reskilling and development programs.

Being open to new ideas encourages experimentation and creates an environment in which forward-thinking ideas are valued, enabling the organization to stay competitive and ahead of industry trends, the authors added.

“There is a constant state of change and fluidity now, and organizations that understand that will outperform those that don’t,” said Fechtman.

Adaptability allows for continuous improvement through regular reassessment of cultural initiatives and remaining adaptable to new business and technological trends, the authors noted.

But that’s easier said than done for many C-suite leaders, Fechtman said.

“The money they’ve spent to build infrastructure is going to become antiquated and outdated very quickly,” he said. “It’s hard to walk away from hundreds of millions of dollars of investment, but not pivoting is also going to cost you tens of millions of dollars, and in some cases, being rigid will cost you your company. It’s a hard trade-off.”

For example, AI isn’t slowing down. For some companies who have already invested a lot of money in it, there may be some resistance to continue doing so.

“Companies that embrace change, that are more fluid and flexible and understand that things are constantly evolving will have a smoother path to adapting to new technologies and practices, which will inevitably lead to more growth and business success,” he added.

The readiness of company culture for the future of work directly influences an organization’s ability to attract, retain and nurture top talent, the authors said.

The report added that valuing different work styles, fostering mutual understanding across generations, and continuously improving cultural practices will better equip organizations to attract top talent, adapt to change and succeed in a future that promises to be both dynamic and unpredictable.